As we reported on October 26, 2015 sample product and specification sheets were provided to interested parties under confidentiality agreements. Based on those responses, it is clear that this concentrate product, once capable of being produced in commercial quantities, is suitable for input into standard commercial rare-earth refineries or separation plants.

"This is a welcome and expected response as well as validation of our approach. Rare-earth processing can be technically challenging, so we have taken a straightforward approach to get to production. Our strategy is to purchase by-product monazite sand. This will serve as a high-grade feedstock for our planned commercial extraction plant," said Don Lay, Medallion President & CEO. "Monazite is not only a rare-earth mineral with well-understood metallurgy, but this simple approach means no mining, milling or beneficiation activities are required. As such, we expect to save on upfront capital and reduce operating costs."

Medallion is working to understand the timing and volume demands of rare-earth refiners and partners, and has noted particular interest in neodymium, praseodymium, dysprosium and terbium. These elements have important use in rare-earth magnets, the driving application in the rare-earth marketplace today. These "magnetic" elements represent over 85% of the value of the contained rare earths in the Company's sample concentrate, which was produced during recent bench-scale metallurgical tests.

Medallion is now using its confirmed metallurgical flow-sheet as the basis to investigate alternatives for the set-up and operation of a pilot plant. The pilot plant will be designed to optimize production from different feedstocks and improve efficiencies, including reagent recycling and by-product production.

Rare-Earth Refining

Rare-earth refineries separate mixed rare-earth concentrates into individual rare-earth oxides and other commercial rare-earth products. This is the necessary step after the rare-earth ore has gone through the mining, beneficiation and hydrometallurgical steps. The two best-known operators outside of China are Lynas Corp, and Molycorp's recently-closed Mountain Pass facility. These two facilities perform all the stages of mining through to individual commercial rare-earth oxide production. They essentially have embedded refineries at the latter part of their process flow to separate the individual rare-earth oxides. However, rare-earth refineries can and do operate as stand-alone facilities. These operators purchase or toll-process mixed rare-earth chemical (i.e., not mineral) concentrates from a number of miners/processors. Thorium and other waste materials are removed before and during the hydrometallurgical stage. These rare-earth refineries, which are essentially fine chemical plants, typically use solvent extraction methods and source clean, high-purity and radiation-free chemical concentrates from miners/processors as input feed. This feed material -- a clean chemical rare-earth concentrate, is the product that Medallion seeks to produce at a commercial scale following its success at the bench level.

About Medallion Resources

Medallion Resources is focused on the opportunity for low-cost, near-term, rare-earth production by exploiting the mineral monazite. Monazite is a rare-earth phosphate that is available as a by-product from existing mining and mineral-sands sources, principally in the Indian Ocean basin. Rare earths are used in critical components for virtually all computing and mobile electronic products, as well as wind turbines, electric and hybrid vehicles, and strategic defense systems. Medallion is committed to following best practices and accepted international standards in all aspects of mineral processing and the safe management of waste materials. More about Medallion (TSX-V: MDL; OTCPK: MLLOF; Frankfurt: MRD) can be found at www.medallionresources.com.

Medallion management takes full responsibility for content and has prepared this news release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Some of the statements contained in this release are forward-looking statements, such as statements relating to plans to move to a pilot processing plant and ultimately a commercial processing plant, estimates and statements that describe Medallion's future production and financing plans, objectives or goals, including words to the effect that Medallion or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties, including the risks inherent in completing laboratory-scale processing tests and applying the results to full-scale production, financing risks and other risks outlined in the Company's management discussions and analysis of financial results. Actual results in each case could differ materially from those currently anticipated in these statements. Such risks include not obtaining required regulatory approvals in respect of the Offering, expectations that may be raised by discussing potential business, acquisitions or development plans. Also, in order to proceed with Medallion's plans, additional funding will be necessary and, depending on market conditions, this funding may not be forthcoming on a schedule or on terms that facilitate Medallion's plans. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future anticipated events.

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